Deep Well Progresses to 6th Well in Drilling Program

Deep Well Oil & Gas, Inc. and its subsidiaries has drilled five and is currently drilling the sixth well of the planned program.

The drill program is meeting the objectives set out by Deep Well. Since the spudding of the well at location 12-14-092-13W5 on December 4, 2008, it has drilled four more wells at locations 09-16, 10-33, 07-05 and 08-04. Deep Well is presently drilling the sixth well of this Drilling Season at location 06-22. Initial laboratory analysis of the cores of well 12-14 and 09-16 confirms exploitable crude bitumen.

The cores and logs of the 12-14 and 09-16 wells revealed the oil bearing 25 - 35 meters (82 to 115 feet) of the Bluesky Zone with a net pay from 5 - 12 meters (16 to 39 Feet). The cores for the other three wells drilled to date are at the lab and are currently being analyzed. The analysis of wells 07-05 and 08-04 are being processed while well 10-33, drilled as an evaluation well to determine the edge of the Bluesky reservoir, has established the southern limit of the Sawn Lake Project. The other four wells drilled (12-14, 09-16, 07-05 and 08-04) are scheduled to be cased, perforated, completed and tested for production.

Deep Well Oil & Gas, Inc. through its wholly owned subsidiaries Northern Alberta Oil Ltd. and Deep Well Oil & Gas (Alberta) Ltd. has an 80% working interest in 51 contiguous sections of oil sands leases and 6.5 sections of oil sands permits in the Sawn Lake heavy oil area in North Central Alberta. Deep Well also has a 40% working interest in another 12 sections of which Signet Energy Inc. (now known as 1350826 Alberta Ltd. a subsidiary of Andora Energy Corporation) has earned 40% from Deep Well. The permits and leases cover 43,964 acres.